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Four Corners Property Trust
Four Corners Property Trust (FCPT) investor relations material
Four Corners Property Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Celebrated 10-year anniversary as a public company, with portfolio growth to 1,294 leases across 170 brands and 99.5% occupancy, highlighting expansion from 418 to nearly 1,300 leases and platform maturity.
Achieved record investment volume, with $355 million invested over the last 12 months as of September 30, 2025, and $82 million in Q3 2025 at a 6.8% cap rate.
Maintained a shareholder-friendly approach with significant insider ownership, best-in-class disclosure, and strong governance scores.
Portfolio remains resilient, focused on essential retail and services, with zero exposure to problematic sectors and high tenant retention.
Maintained one of the lowest leverage profiles in company history, with significant liquidity to fund future growth.
Financial highlights
Q3 2025 AFFO per diluted share was $0.45, up from $0.43 in Q3 2024; nine-month AFFO per share was $1.33, up from $1.29 year-over-year.
Q3 2025 rental revenue was $66.5 million, up from $59.3 million in Q3 2024; nine-month rental revenue rose to $194.8 million.
Net income for Q3 2025 was $28.9 million ($0.28 per diluted share), up from $25.6 million ($0.27 per share) year-over-year; nine-month net income was $83.0 million.
Cash G&A expense was $6.5 million for Q3, 6.5% of cash rental income.
Declared a dividend of $0.3550 per common share for Q3 2025.
Outlook and guidance
Positive outlook for acquisitions with $270 million in dry powder and improved debt market conditions; $194.4 million remains available under the ATM equity program.
Extended and upsized credit facility in January 2025, with $350 million revolver and $225 million term loan.
97% of total debt is fixed rate through Q3 2027, reducing interest rate risk.
Conservative leverage target maintained at 5.0x–6.0x, with current net debt to adjusted EBITDAre at 4.7x.
Portfolio expected to benefit from long lease terms, high occupancy, and investment-grade tenants.
How do Darden's contractual renewals impact future rent growth?
What risks are avoided at current cap rates?
How does being over-equitized drive accretive growth?
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Next Four Corners Property Trust earnings date
Q4 202512 Feb, 2026
Four Corners Property Trust
Next Four Corners Property Trust earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Four Corner Property Trust Inc. (FCPT), headquartered in Mill Valley, CA, is a real estate investment trust that owns and leases primarily commercial properties for fast-food restaurants. In addition to its property holdings, FCPT leases space at these properties to franchisees who operate the restaurants. These franchisees are not involved with the ownership or leasing of the properties they lease from FCPT. FCPT accounts for its rental income on a straight line basis over the terms of the respective leases and records no depreciation expense on its properties.
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